This is what 'slow and steady wealth preservation' looked like in 2015

Even the most talented money managers in the world suffered
losses as stocks became volatile and investors sold out of junk
bonds.

China and the rest of the emerging markets are slowing down, it's
unclear how long oil prices will stay so low, and prices for
other commodities don't look set to rise anytime soon either.

Business Insider asked some of Wall Street's brightest minds to
send us their thoughts on what all this chaos meant to them.

Gary Kaminsky, a senior adviser at Morgan Stanley Global Wealth
Management and cohost of the TV show "Wall Street Week," sent us
this chart — the iShares National AMT-Free Muni Bond.

iShares National AMT-Free
Muni Bond.Yahoo
Finance

It is boring, and that's the point.

Kaminsky called this a "perfect example of slow and steady wealth
preservation" for tax-conscious investors who want to depend on
their investments for income.

"A year ago there is not a person who would've expected this type
of total return from municipals or other bond equivalents," he
said.

He drew a contrast between municipals and Master Limited
Partnerships, which are publicly traded partnerships that
typically invest in energy infrastructure. These stocks —
which have proved attractive to investors seeking yield
— have taken a beating because of the falling oil price.

Here's the Alerian MLP index, which tracks large- and mid-cap
energy MLP stocks, over the past two years.

Yahoo
Finance

"A nice cliché would be that in the race of the
tortoise and the hare, the tortoise again won out," Kaminsky
said.